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Mar 09 2018
Martin Shkreli Sentenced To 7 Years In Prison For Fraud Comments (0)

Giphy-1(GIF via GIPHY)

Martin Shkreli, one of the most reviled public figures in recent memory, has been sentenced to seven years in prison for fraud ...

Via The New York Times:

Prosecutors had sought a sentence of at least 15 years; the defense had pushed for 12 to 18 months.

Mr. Shkreli, 34, is best known for raising the price of a drug, Daraprim, by 5,000 percent in a move that was widely condemned by the public and politicians. His fraud convictions were unrelated to that episode, stemming instead from his involvement with Retrophin, a pharmaceutical company he founded in 2011, and two hedge funds he ran.

In August, a jury convicted Mr. Shkreli, nicknamed Pharma Bro, on three of eight counts, concluding that he had lied to investors about, among other things, how the hedge funds were managed, what they invested in and how much money they had. The jury found that he had also secretly controlled a huge number of Retrophin shares.

As she imposed the sentence, Federal District Court Judge Kiyo A. Matsumoto cited Mr. Shkreli’s “egregious multitude of lies.” She said he seemed “genuinely remorseful,” but he “repeatedly minimized” his conduct, including in statements and emails after his conviction.